Commissioner Burnes Rejects Fair Plan Rate Increases for Massachusetts Homeowners

Insurance Commissioner Nonnie S. Burnes today denied the FAIR Plan’s request for a 25% increase in coastal homeowners’ insurance rates, bringing to a close a rate proceeding before the Division of Insurance that began in March 2007.  The Commissioner’s decision prevents hikes in homeowners’ insurance premiums for FAIR Plan policy holders across the state.  The FAIR Plan had sought an overall statewide increase of 13.2%.

“Through the rate case, the FAIR Plan is required to prove that its request falls within a range of reasonableness and that its proposed rates are not excessive, inadequate or unfairly discriminatory,” said Commissioner Burnes.  “I have found that the FAIR Plan has failed to meet its burden on a number of critical fronts and will not be permitted to charge Massachusetts homeowners these increased rates.”  More...

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